Ironshore to Be Acquired by Liberty Mutual
On December 5, it was announced that Willkie client Ironshore Inc. (“Ironshore”) will be acquired by Liberty Mutual Group Inc. (“Liberty Mutual”) from Fosun International Limited, subject to regulatory approval and other customary closing conditions. Willkie represented Ironshore in the sale of 100% of Ironshore’s outstanding equity interests to Liberty Mutual for approximately $3 billion, subject to closing price adjustments. The purchase and sale of the stock is expected to close in the first half of 2017.
Ironshore is based in New York, but has subsidiaries worldwide, with operating hubs in the U.S., United Kingdom and Bermuda. It is an insurance company that had approximately $2.2 billion in policy sales in 2015 and has about 800 employees in 15 countries worldwide. It was founded in December 2006, and is currently owned by subsidiaries of Fosun International Ltd., a Hong Kong company that acquired Ironshore in 2015.
Liberty Mutual is a diversified insurer with operations in 29 countries, employing over 50,000 people in more than 800 offices worldwide, and had $37.6 billion in consolidated revenue in 2015.
The Willkie deal team was led by partner Michael Groll and included partners Mark Holdsworth, James Dugan and Christopher Peters; and associates Anush Yegyazarian, Ryan Stott and Amir Ghavi.